Filing for bankruptcy is one of the most personal financial decisions you can make, so it’s understandable to think, “It’s my petition—can’t I choose what goes in it?” After all, it’s your name on the paperwork, your debts, and your life being laid out on paper. 

For anyone who may find themselves living with overwhelming or unmanageable debt, bankruptcy will often be one of the first options that they consider when pondering how to best address their financial quandary.  Bankruptcy is a powerful and effective tool that is well suited to help those who might find themselves in such a situation, and therefore it is understandable that it stands at the forefront of options that may be considered when facing the prospect of overwhelming debt.  However, a question that anyone considering bankruptcy will likely ask themselves as part of this consideration is – “when is the right time to file?”  It’s an excellent question, and herein we shall delve into a few of the factors that can play a role in determining when that optimal timing may be.  

Bankruptcy is all about disclosure. When filing a bankruptcy case, you have to disclose all assets, all property transfers over a period of time, and you have to list all debts you owe in the petition. There are a couple reasons why this is important, and I will lay these out below.

  Social Security is a crucial lifeline for many retired or disabled people in the United States, but oftentimes is not enough to cover both living expenses and payments towards debt. At LifeBack Law Firm, we have worked with many clients on a fixed income file for bankruptcy to improve their financial situation. A common question we receive is “will filing a bankruptcy impact my Social Security payments?” The short answer is no, but we’ll get into the long answer with this post!

If you have a pet, rest assured—we’ll make sure they’re protected in your petition. Your purrrfect pal isn’t just part of your family, they’re part of the bigger picture of your life. At LifeBack, we love all our furry, scaled and feathered friends. Here is the inside scoop on how your pet fits into your bankruptcy case:

 One of the most less-common questions people ask before their 341 Hearing is, what should I wear? For many, court appearances are not a daily occurrence, so it is completely normal question to have while preparing for the next step in your case. 

  In a nutshell, the bankruptcy petition is a collection of legal documents that explain who you are, what you have, who you owe, what you make and spend in an average month, as well as your recent financial history. These legal documents are separated into sections called schedules, and the complete collection of schedules is what makes up the petition.

  If you're considering filing for bankruptcy in Minnesota, you might wonder if you need to go to court for the case. The short answer is not necessarily, but there is a hearing you attend! 

Many Americans are dealing with student loans. While the standard for the discharge of student loans has changed, it is likely still not a dischargeable debt for many people who file bankruptcy. It is very difficult to wipe out student loans in a bankruptcy.

Filing a chapter 7 bankruptcy is a great tool to get a fresh financial start, but many people don’t know where to begin. Here at LifeBack Law Firm, we streamline the process to make filing a chapter 7 as easy as possible for the client! Below is the typical process from start to finish, so you have an idea what to expect when taking this step.

At Lifeback Law, we’ve streamlined the bankruptcy process into a well-oiled system, with many small parts working together to keep everything simple and efficient. When you sign up, you’ll meet several members of our team, each playing an important role in guiding you through the process. Here’s a breakdown of our support staff at Lifeback Law:

Let’s face it: being in debt is anxiety-inducing. If you pair financial anxiety with the complicated emotions of considering filing a bankruptcy, the stress can feel insurmountable. At LifeBack Law Firm, we can help you navigate through bankruptcy filing and alleviate financial stress, but self-care is also crucial to navigate through anxiety. It can be hard to know where to start with self-care, but sometimes it’s as easy as sitting down with a cup of tea. I have included my grandmother’s favorite spiced tea recipe below, and I hope it gives you comfort!

Many Americans are dealing with student loans. While the standard for the discharge of student loans has changed, it is likely still not a dischargeable debt for many people who file bankruptcy. It is very difficult to wipe out student loans in a bankruptcy.

Many people who are dealing with debt often fall into the trap of only making the minimum payments on their debts. While making minimum payments keeps your account in good standing, it is important to understand the long-term effects of only making the minimum payments. There are several reasons why only making minimum payments can affect you long-term.